Consumption theme underscores Citic Pacific spin-off

Citic Pacific's food and auto subsidiary, Dah Chong Hong, prices its IPO at the top to raise $589 million.

Dah Chong Hong Holdings DCH has priced its Hong Kong initial public offering at the top of the range at HK$5.88 for a total deal size of HK$4.6 billion $589 million following strong demand.

Apart from a two-day correction last week, the auto and food distribution business that is being spun off from Hong Kong-listed conglomerate Citic Pacific has conducted its entire roadshow against a steady rise in the secondary market and the price fixing yesterday coincided with...